Refinancing of note will save Town of Van Horn $459,000


City Administrator Fran Malafronte gave council members some good news on Tuesday about a loan that was taken out in 1997 to finance water and sewer projects.

According to Ms. Malafronte, the original terms of the 40-year loan was interest-heavy because of the long term and that after considerable negotiations, Government Capital Securities agreed to refinance the loan for only 10 years at a savings to the city of $458, 999.78 in interest.  Council voted unanimously to approve the refinancing.

In other action, Council voted to award a  one-year cardboard baling contract at the landfill to Victor Garcia and the park maintenance contract to Refugio (Cuco) Corrales, who submitted the only bid.

Council then heard from representatives of ASA Architects, who presented preliminary ideas on enlarging and renovating the Convention Center.  Ms. Malafronte reminded council that the renovations would be entirely paid for by hotel-motel taxes and at no cost to local taxpayers.  Council hopes that the state-of-the-art center should attract more out of town business as well as provide locals with a larger, modern venue for their activities.


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